Canso Short Term and Floating Rate Income Fund – Series F

  • Fund Code: CFM134F
  • Portfolio Manager: Canso Investment Counsel
  • As of: April 30, 2023
  • Asset Class: Fixed Income
  • CIFSC Category: Canadian Short-Term Fixed Income

Investment Focus

Established in 1997 by John Carswell, Canso currently manages over $36 billion in assets. Canso is a investment management firm that has demonstrated independent research expertise in fundamental analysis.

Risk Tolerance

Why Invest in this Fund?

SIGNIFICANT VALUE‐ADDED BY INFORMED SECURITY SELECTION

  • Canso has access to institutional fund management capabilities
  • Canso emphasizes ‘bottom up’ and ‘deep value’ security selection
  • Canso exploits market liquidity to the advantage of our investors
  • Canso’s investment portfolios are built on a foundation of proprietary and independent research
The Fund is managed to maximize returns while limiting interest rate risk by investing primarily in investment grade short term and floating rate securities. The fund is permitted to invest up to 50% in BBB rated issues; the balance must be invested in issues rated A‐ or higher. The overall duration of the fund will not be more than two years longer than the benchmark FTSE Canada Short Term Overall Bond Index.

Fund Facts

Inception Date January 31, 2006
Currency CAD
Fund AUM $47.4 Million
Management Fee 0.45%
MER as of December 31, 2022 0.56%
Holdings 43
Minimum Initial Investment $25,000 (accredited investor)
Distribution Frequency Quarterly
Average Term to Maturity (Years) 2.7
Average Duration (Years) 1.7
Yield to Maturity (%) 5.6%
Current Yield (%) 4.1%
Average Credit Quality1 A+
RRSP Eligible Yes

Compound Returns – Series C

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 10 Year
(Annualized)		 Since Inception
(Annualized)
0.6% 0.8% 2.2% 2.0% 1.4% 1.6% 1.6% 2.9%

Calendar Year Returns – Series C

Lysander Funds Limited
Canso Short Term and Floating Rate Income Fund – Series F

Growth of $100,000 Invested Since Inception (January 31, 2006) – Series C

Top 10 Holdings
Canso Short Term and Floating Rate Income Fund

Security % of Fund Rating
Canada 2% Jun 1, 2028 9.8% AAA
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) 6.7% AA-
TD Bank 4.477% Jan 18, 2028 5.6% A+
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) 5.4% A
Morgan Stanley FRN Mar 21, 2025 (Q CDOR +33) 5.3% A+
Goldman Sachs FRN Apr 29, 2025 (CDOR+37) 5.3% A
MetLife Global Funding I 3.257% Apr 1, 2025 5.1% AA-
Toyota Credit Canada Inc. 2.31% Oct 23, 2024 4.6% A+
RBC 4.642% Jan 17, 2028 4.3% A+
TransCanada Pipelines FRN Jun 9, 2024 (Q CDOR+29) 4.1% BBB+
Total 56.2%

Sector

Communication 3.2%
Energy 8.8%
Federal 14.1%
Financial 64.3%
Industrial 2.3%
Infrastructure 6.5%
Real Estate 0.6%
Other 0.1%

Credit Quality Breakdown

AA & Higher 27.8%
A 50.2%
BBB 21.9%
Lysander Funds Limited
Canso Short Term and Floating Rate Income Fund – Series F

Canso Fund Management Ltd. is the investment fund manager of the Canso Short Term and Floating Rate Income Fund (the “Fund”). This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. The Fund is only available under prospectus exemptions and other exemptions available to investors who meet certain eligibility or minimum purchase requirements. Currently these exemptions include the accredited investor exemption and the $150,000 minimum purchase exemption for non-individual investors. Each purchaser of Units in the Fund may have statutory or contractual rights of action. The offering of Units of the Fund is made pursuant to an Offering Memorandum and the information contained herein is a summary only and is qualified by the more detailed information in the Offering Memorandum. Information presented in this material should not be construed as investment or financial advice. Please consult a Financial Advisor. Please read the offering memorandum before investing.

Commission, trailing commissions, management fee and expenses may be associated with investments. Products are not guaranteed, their values change frequently and past performance may not be repeated. The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Historical fund returns are based on net asset values that include a management fee of 0.30%. Prior to January 2011 the fund was not charged a management fee. The Fund’s returns prior to this date have been reduced to reflect the impact of a management fee of 0.30% plus taxes and applicable operating costs. Information provided is believed to be reliable when published. All information is subject to modification from time to time without notice. Please read the offering document carefully before investing.

1Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality.

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Lysander Funds Ltd., 3080 Yonge St., Suite 3037, Toronto, ON, M4N 3N1
Toll Free: (877) 308-6979 Website: www.lysanderfunds.com
Lysander Funds Limited